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Open a new picture with background white and colors set to 16 million. Set foreground color to light gray. Draw a word using any font and any size. The bigger the better. Here it's New Times Roman Bold with size set to 78. Antialias needs to be checked.
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With text still selected, from the top line menu click "Selections" then "Modify" then "Feather". Set feather to 4 and click OK.
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With text still selected, from the top line menu click "Image" then "Special Effects" then "Cutout". Set Interior color to Foreground, Shadow to Background, Opacity to 255, Blur to 0, Offset Vertical to 4, and Offset Horizonal to 4. Click OK.
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Swap foreground color and background color. With text still selected, from the top line menu click "Image" then "Special Effects" then "HotWax Coating". Basically you're done.
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You may elect to sharpen and reduce number of colors. Here it is sharpened once and colors reduced to 16. Enjoy!
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